Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

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Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction! In this video I talk about the Bitcoin BTC Cryptocurrency price and carry out a technical analysis. I also talk about my Bitcoin Elliott Wave count and discuss where the price could be going next.

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Hello and welcome to another update video about Bitcoin well yeah Bitcoin is still moving in a sideways correction up there even though it looks a little bit as if Bitcoin wants to roll over you see it here on the daily time frame um all these daily candles yeah lower lower

Lower but we haven’t really taken out those previous swing lows so in this area around 50,500 um typically the buyers jumped in so we have structural support here you see that on the daily time frame yeah um but most recently the trend started to it it seems like it roll is starting to

Roll over so what I’m watching is in the the very shortterm a structural support at yeah around 50,500 if that level breaks then the critical support area that we talked about um on the micro structure will become relevant and it’s the 47k level which becomes relevant then um here on

The daily it looks a bit different but it’s 47k and there are basically three Fibonacci levels to watch the 23.6 FIP the 38.2 and the 50% so between 50 and 47k this is if the let’s say the structural support level breaks this is the Fibonacci support area which is

Relevant for our current wave count okay and we’ve got the wave count the micro structure on the 1 hour chart but um yeah you know that uh support area very well we haven’t even entered it and my preference would still be for the price to get there to get there possibly even to

48,3 48,4 why that level it has to do first of all with some Fibonacci extension targets which we can talk about on the smaller time frame but it’s also that the 38.2 retracement level is typically the ideal Target for a fourth wave and this pullback on a smaller time

Frame would be a fourth wave now this support area also tells us when we have to change the inter ation of our chart because at the moment the trend is up but that will change with a break below 47k this is um this is due to the well

Due to the uh rules and guidelines of Elliot wave they tell us basically that a break below the 50% FIP level in a wave four it’s not happening so that doesn’t mean it couldn’t happen well it can but then the wave count would be a different one and that unlocks prices in

The yellow box or it unlocks a decline back into the yellow box between 35k and 41.8k but overall the preferred interpretation is that um we go a little lower hold support and then we’ll rally in line with the white count the white count Remains the preferred interpretation that a larger degree

Fourth wave bottom here on the 23rd of January 1 2 3 4 5 actually one more high in wave three expected then wave four and five I would prefer that um now let’s take a look at the smaller time frame and just remember that a break below

47k is uh would indicate that yeah things are starting to break down really not just locally but that we get back into the yellow support box honestly looking at the very very short term literally nothing happened um it starts to look a little bit it starts to look a

Little bit like a descending triangle all right um not very well defined depends on how you draw the trend line right maybe even like that but it looks a little bit like a descending triangle descending triangle so is that bearish bullish well typically they would break to the

Downside but obviously only the market will decide but either way there would be in line with the wave count in which I would also like to see a move to the downside here in wave C of three of the larger C wave of wave four so this shows

The ideal um sort of pathway for this um for this c-wave of wave four yeah I mean we can also in addition to that in terms of calculating targets so looking at just what we’ve got a-wave and b-wave it might not even I mean it’s dancing on the 100 % FIB FIB extension

Which is why it’s probably not going to um or it’s going to well it at least finds support there right now right um however it’s yeah it’s just not a very clear bottoming structure that we see here right now and typical corrective pattern is an A B C structure and as per

My yellow count yeah I mean the low could be in but I don’t believe it yet okay it’s a healthy way for the length the duration very healthy I like that but I would really like to see it go down a little lower before going higher

Because it would give us a clear ABC structure yeah so um but there isn’t much more to add I mean it takes as I said the low could be in it’s we’re watching for higher prices against 47k from a mindset point of view I would

Approach it in way to say that if the market offers such a pullback if the market is so generous to offer such a pullback it might be an opportunity um just to not just note that the 47k level is a really important one and if the low is already in for

Example in a wxy structure then I need to see a break above the 1.78 6 extension level here above the 5286 level and then we can go up quite quickly possibly even towards 56 58 K next yeah so not much more to add these are the worst updates I know but um yeah

I think this descending triangle is interesting something has to happen here Bitcoin is really just only dancing around 51k now but might get squeezed a bit more and then it should typically lead to quite a substantial reaction because after when the price is getting compressed in a triangle in the Apex of

A triangle like that it typically then explodes um when there is a breakout so yeah not much more to add on unfortunately so hope you like the update if you did please hit the like button leave a comment and subscribe and if you really like the content then

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